For each of the items (i) - (xv), choose the correct answer from among the given alternatives and write its letter beside the item number in the answer booklet provided.

The act of recording transactions in any subsidiary book is called

Mziwanda and Mwerevu agreed to enter into joint venture to buy and sell speed boats. Profit and losses were to be shared in the ratio of 2:1 respectively. On 2nd May 2018 Mziwanda purchased three speed boats for TZS 600,000, TZS 700,000 and TZS 900,000 respectively. He bought a reconditioned engine costing TZS 400,000 which he installed in one of the boats, the old engine being scraped. On 31st May 2018 he sold two of the speed boats for TZS 600,000 each, depositing the proceeds in his own bank account. On 12th June 2018 he sold the third boat for TZS 1,600,000 which he paid over to Mwerevu who deposited it into his personal bank account. On 3rd May 2018 Mwerevu purchased a speed boat for TZS 700,000 and having incurred expenditure of TZS 50,000 on repainting the boat, he sold it on the 8th May 2018 for TZS 800,000 depositing the proceeds into his personal bank account. This boat developed mechanical problems and on 28th May 2018 Mwerevu agreed to take back the boat at an agreed price of TZS 750,000 which he paid out of his bank account. The boat was still unsold until 30th June 2018 and it was agreed that Mwerevu should take it over for his personal use at a valuation of 700,000. Other costs incurred were as follows: Harbor dues Marine insurance Mziwanda paid into his bank account net receipts of TZS 200,000 in respect of sped boat trips. On 1st July 2018 the sum required in full settlement as between Mziwanda and Mwerevu was paid by the party accountable. Using the information provided, prepare: Page 7 of 7

Boresha ili kuona majibu ya mfano.

What would you consider to be the main source of government revenues?

How would a credit balance brought down on a rent income account be interpreted?

Which of the following would best describe the use of a control account?

The main reason for the preparation of a manufacturing account is

How would you categorize the subscription paid in advance in the balance sheet of a non-profit making organization?

On which basis are selling expenses apportioned among departments?

Elaborate the following accounting concepts:

Boresha ili kuona majibu ya mfano.

The following errors were discovered in the books of Kiwango Shop for the year ending 31st December 2018. Prepare journal entries to correct the errors (ignore narrations).

Boresha ili kuona majibu ya mfano.

Mitamba Motors Ltd provides for depreciation on its machinery at the rate of 20 percent per annum on cost. It charges full depreciation in the year of purchase but no depreciation is charged in the year of disposal. Financial statements are prepared annually on 31st December 2017: Use the information provided to prepare the Machinery and Provision for Depreciation on Machinery Accounts for the four years ending 31st December 2014, 2015, 2016 and 2017 and the Machinery Disposal account.

Boresha ili kuona majibu ya mfano.

The following trial balance was extracted from the books of Sungura Stores on 28th February 2018. Sungura Stores Trial Balance as at 28th February 2018 Notes: (a) Inventory on 28th February 2018 TZS 240,000. (b) Wages and salaries accrued at 28th February 2018 TZS 16,000. (c) Rent prepaid at 28th February 2018 TZS 23,000. (d) Van running cost owing at 28th February 2018 TZS 7,200. (e) Increase the allowance for doubtful debts by TZS 9100. (f) Provide for depreciation as follows: Office furniture TZS 38,000; delivery van TZS 125,000. Use the information provided to prepare Sungura Stores Income Statement for the year ending 28th February 2018 and the Statement of Financial Position as at 28th February 2018.

Boresha ili kuona majibu ya mfano.